At the recent Beijing Auto Show, the "cluster" appearance of new energy vehicles has become a major highlight. Recently, the world's major car companies and accessories manufacturers have made efforts to seize China's new energy vehicle market. Analysts believe that the new energy vehicle sector is expected to continue to grow as the Chinese government takes a positive attitude towards the promotion of electric vehicles in order to reduce pollution.
Manufacturers intensify their layout
U.S. fuel cell maker Pragg Energy announced Monday that it has entered into a non-binding memorandum of understanding with Hyundai Hysk to form a fuel cell joint venture to develop and sell hydrogen fuel cells in the Asian market. Details of the joint venture will be announced by July 31. Mr Praag said the move would allow the company to expand into Asia and play an important role in its future performance. Currently, Pragg's fuel cells are mainly used in forklifts and other applications.
Prager's new move comes as major automakers are scrambling to gain a foothold in China's new-energy vehicle market. At the Beijing Auto Show, BAIC announced the formation of a joint venture with Siemens to promote the development of new energy vehicle drive technology in China. The joint venture will produce electrically driven powertrains, including motors and power electronics, for BAIC's S, C and L series models. The new plant in Beijing is expected to be in mass production by 2015, with an annual capacity of 100,000 units. It is understood that BAIC will apply the electric drive system to its electric vehicle platform.
Earlier, GM announced the introduction of a new generation of fuel-efficient, small-displacement engines for hybrid systems and other alternative fuels, which will be rolled out to 27 models in 64 countries by 2017, including the new Cruze in China. GM also said recently that it would invest $12 billion in China by 2017 to build more plants to increase competition.
In addition, Tesla CEO Elon Musk recently visited China and said that Tesla may realize localized production in China in the next three to four years. Tesla is preparing to build superchargers in China, with initial plans to locate them in Beijing and Shanghai.